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BA4 Mock - Opening and closing stock question on computerised section

  • Associate
  • Practice Licence
  • 6 posts
  • # 114463

Hi All,

 

Just after some advice. I have almost completed the mock for BA4 and found it relatively straight forward - except for the entering of opening and closing stock

This isn't entered in the initial trial balance (only 1001 stock is) but what would be correct process for putting the opening and closing stock in so that all accounts are on the final trial balance with the closing stock as the new 1001 stock figure? I used the wizard on Sage but this just put a calcuated amount in

It's baffling me and frustrating as the rest of it I have had no real problem with! I've read through my study pack from my provider again and again but can't seem to find any info

Igot the balance sheets to match the model answers eventually but this was after creating journals to credit the stock account and debiting the opening stock and then the reverse to enter stock and closing stock - but this just doesnt seem right?

Would be grateful for any feedback/advice!


thanks

Nic

 

 

  • Accredited Training Provider
  • 413 posts
  • # 114465

Hi Nikki,

There are two journals that you need to carry out here. First you need to clear your stock account, transferring the balance to opening stock (Cr 1001 - Dr 5201). Then enter your closing stock (Dr 1001 - Cr 5201).

Hope this helps and good luck with your exam.

Kind regards 

  • Associate
  • Practice Licence
  • 6 posts
  • # 114470

Brian @ Ideal Schools said:

“Hi Nikki,

There are two journals that you need to carry out here. First you need to clear your stock account, transferring the balance to opening stock (Cr 1001 - Dr 5201). Then enter your closing stock (Dr 1001 - Cr 5201).

Hope this helps and good luck with your exam.

Kind regards ”

 Thank you Brian :)   This is what i ended up doing but as it wasn't in my course notes i just wanted to check. I will take this up with my training provider

Thanks again

Nic

  • Accredited Training Provider
  • 413 posts
  • # 114496

No problem, Nic. Only too pleased to help. We providers are a good bunch and I'm sure your own will guide you through your exam successfully.

Good luck and keep the forum updated on your progress Smile 

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